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Question
Why are "disguised gift" promises involving nominal consideration nonbinding because of the absence of consideration? Explain with one example.
"Disguised gift" promises involving nominal consideration are nonbinding due to the bargained-for exchange requirement. Suppose that Dad promises to give Donald a Toyota Supra Turbo for his graduation, in exchange for Donald's promise to pay Dad $1. No doubt Donald promised the $1 to get Dad's promise, but how could Dad have promised Donald the car to get Donald's promise of $1?
Answer
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